Holley, There is no reason to turn off the water fall, leave it going year round. In the event that we receive a very hard freeze the added water flow will help prevent the surface from freezing over solid, this what you want to avoid.
As far as the Lilies and Lotus are concerned, if lilies are of the tropical varieties they need to be removed from the pond and winterized in a green house or garage to prevent them from freezing. This would apply to the Lotus also. You can store them in large plastic bags to prevent them from drying out over the winter.
Hope this helps, just reach out if you have any more questions.
Dennis